so funny to watch these margin heavy/asset light businesses add as many layers of opex as possible
Meta is testing a 'human concierge' for its new personal agent Muse - Internal company posts
September 22, 2026 at 4:05 PM
so funny to watch these margin heavy/asset light businesses add as many layers of opex as possible
our margins are great if you ignore opex
September 13, 2026 at 11:28 PM
our margins are great if you ignore opex
Lower opex; higher frequency
August 1, 2025 at 4:34 PM
Lower opex; higher frequency
You could call this the "cost of net-zero" – as long as you think the fossil alternatives are free
(CAPEX) Free petrol cars!
(CAPEX) Free gas-fired power stations!
(OPEX) Free petrol!
(OPEX) Free electricity from coal and gas!
Wouldn't that be nice
6/10
(CAPEX) Free petrol cars!
(CAPEX) Free gas-fired power stations!
(OPEX) Free petrol!
(OPEX) Free electricity from coal and gas!
Wouldn't that be nice
6/10
January 12, 2026 at 4:19 PM
You could call this the "cost of net-zero" – as long as you think the fossil alternatives are free
(CAPEX) Free petrol cars!
(CAPEX) Free gas-fired power stations!
(OPEX) Free petrol!
(OPEX) Free electricity from coal and gas!
Wouldn't that be nice
6/10
(CAPEX) Free petrol cars!
(CAPEX) Free gas-fired power stations!
(OPEX) Free petrol!
(OPEX) Free electricity from coal and gas!
Wouldn't that be nice
6/10
“.. META seems to have finally crossed the line of CAPEX (and OPEX) too high along sort of a ho-hum quarter.”
- JPM desk, this week
- JPM desk, this week
BREAKING 🚨: Meta
$META has now plunged more than 17% since last week's earnings report 📉📉 Thanks a lot Zuck 🫡
$META has now plunged more than 17% since last week's earnings report 📉📉 Thanks a lot Zuck 🫡
November 6, 2025 at 9:39 PM
“.. META seems to have finally crossed the line of CAPEX (and OPEX) too high along sort of a ho-hum quarter.”
- JPM desk, this week
- JPM desk, this week
You did that previously as if there's no opex to consider for the fuel which needs to go into those tanks.
Whereas the battery packs, yeah, big capital outlay to put them in place but then they're going to last for 15 years with no opex at all.
Does seem pretty important.
Whereas the battery packs, yeah, big capital outlay to put them in place but then they're going to last for 15 years with no opex at all.
Does seem pretty important.
February 3, 2026 at 8:33 PM
You did that previously as if there's no opex to consider for the fuel which needs to go into those tanks.
Whereas the battery packs, yeah, big capital outlay to put them in place but then they're going to last for 15 years with no opex at all.
Does seem pretty important.
Whereas the battery packs, yeah, big capital outlay to put them in place but then they're going to last for 15 years with no opex at all.
Does seem pretty important.
Tomorrow I'm talking with a company that is 3D printing batteries. This "dry" process avoids the need for toxic solvents & big drying ovens, saving tons on capex & opex. And they've printed a metal-free battery that basically can't catch on fire! Magical shit.
Got any questions?
Got any questions?
September 4, 2025 at 4:53 PM
Tomorrow I'm talking with a company that is 3D printing batteries. This "dry" process avoids the need for toxic solvents & big drying ovens, saving tons on capex & opex. And they've printed a metal-free battery that basically can't catch on fire! Magical shit.
Got any questions?
Got any questions?
8m subscribers? Wow that’s pathetic and right there with Microsoft 365 copilot which had 8 million active licenses in August 2025. This should be seen as an abject failure! All that capex and all that opex and all that noise and for what? Acquihires and $10bn+ in future impairments?
Sources: internal Google data shows Gemini API calls surged from 35B in March 2025 to 85B in August 2025; Google says Gemini Enterprise hit 8M subscribers (Erin Woo/The Information)
Main Link | Techmeme Permalink
Main Link | Techmeme Permalink
January 20, 2026 at 4:49 AM
8m subscribers? Wow that’s pathetic and right there with Microsoft 365 copilot which had 8 million active licenses in August 2025. This should be seen as an abject failure! All that capex and all that opex and all that noise and for what? Acquihires and $10bn+ in future impairments?
calling this shit like babe ruth:
the opex & capex of AI stuff are staggering for even them, but the darker scenario for them is major advertisers are turning down paid media by massive amounts because of how dogshit the ROI has become compared to almost any other platform
meta is the new Yahoo
the opex & capex of AI stuff are staggering for even them, but the darker scenario for them is major advertisers are turning down paid media by massive amounts because of how dogshit the ROI has become compared to almost any other platform
meta is the new Yahoo
Meta Lays Off 8,000 Employees, as A.I. Casualties Mount www.nytimes.com/2026/05/19/t...
Meta Lays Off 8,000 Employees, as A.I. Casualties Mount
www.nytimes.com
May 22, 2026 at 2:20 PM
calling this shit like babe ruth:
the opex & capex of AI stuff are staggering for even them, but the darker scenario for them is major advertisers are turning down paid media by massive amounts because of how dogshit the ROI has become compared to almost any other platform
meta is the new Yahoo
the opex & capex of AI stuff are staggering for even them, but the darker scenario for them is major advertisers are turning down paid media by massive amounts because of how dogshit the ROI has become compared to almost any other platform
meta is the new Yahoo
for the most part, not even the most vicious consultant comes in and says “cut 10% of your opex costs”, what happens is that an executive says “i want to cut 10% of my opex costs, tell me how to do that without looking like the bad guy”
February 8, 2024 at 8:03 PM
for the most part, not even the most vicious consultant comes in and says “cut 10% of your opex costs”, what happens is that an executive says “i want to cut 10% of my opex costs, tell me how to do that without looking like the bad guy”
Yep, capex on actual generating capacity fell by a third across investor owned utilities in 2019-2023, while opex dropped 7%. That's not margin, that's total costs! Deflation! Meanwhile transmission and distribution costs exploded. That's what's driving higher retail prices, not generation.
September 26, 2025 at 1:10 PM
Yep, capex on actual generating capacity fell by a third across investor owned utilities in 2019-2023, while opex dropped 7%. That's not margin, that's total costs! Deflation! Meanwhile transmission and distribution costs exploded. That's what's driving higher retail prices, not generation.
Explosion des volontaires pour partir en OPEX et ne plus entendre parler de politique française
www.caporalstrategique.fr/2024/06/13/e...
www.caporalstrategique.fr/2024/06/13/e...
Caporal Stratégique - Explosion des volontaires pour partir en OPEX et ne plus entendre parler de politique française
Depuis lundi, l'ensemble des unités de l'armée française connaissent un flux ininterrompu de signalements comme volontaire pour partir en OPEX. Il semblerait qu'avec l'actualité, un nombre important d...
www.caporalstrategique.fr
June 13, 2024 at 6:37 AM
Explosion des volontaires pour partir en OPEX et ne plus entendre parler de politique française
www.caporalstrategique.fr/2024/06/13/e...
www.caporalstrategique.fr/2024/06/13/e...
To add some perspective to the free bus debate, these are the opex per pessamger trip of different modes in the Greater Montréal area from an STM presentation.
The metro has by far the lowest unit opex, while buses can be up to 10x more expensive in the case of suburban ones (Exo bus)
The metro has by far the lowest unit opex, while buses can be up to 10x more expensive in the case of suburban ones (Exo bus)
February 3, 2026 at 1:55 AM
To add some perspective to the free bus debate, these are the opex per pessamger trip of different modes in the Greater Montréal area from an STM presentation.
The metro has by far the lowest unit opex, while buses can be up to 10x more expensive in the case of suburban ones (Exo bus)
The metro has by far the lowest unit opex, while buses can be up to 10x more expensive in the case of suburban ones (Exo bus)
Basically impossible to explain to people that the debt might have some intuitive relation to /business debt/ (e.g. it really is legitimate to borrow aggressively for capex investment, but borrowing for opex is much more of a yikes) but really not much relation to /household/ debt.
September 25, 2026 at 2:22 PM
Basically impossible to explain to people that the debt might have some intuitive relation to /business debt/ (e.g. it really is legitimate to borrow aggressively for capex investment, but borrowing for opex is much more of a yikes) but really not much relation to /household/ debt.
Good lord that commuter rail opex...
February 3, 2026 at 3:58 AM
Good lord that commuter rail opex...
It's a tax writeoff for churches. Churches or religious organizations can open them and say the opex are missionary work. The coffee shops themselves can be nonprofits or run by church owned llcs. Basically money laundering.
September 23, 2026 at 6:57 PM
It's a tax writeoff for churches. Churches or religious organizations can open them and say the opex are missionary work. The coffee shops themselves can be nonprofits or run by church owned llcs. Basically money laundering.
So it's just an opex vs capex swindle? FUCK!
October 30, 2024 at 1:18 AM
So it's just an opex vs capex swindle? FUCK!
Grant programs be like: No opex, only capex
July 11, 2026 at 12:41 AM
Grant programs be like: No opex, only capex
Suppression des majoration retraite pour les MST attrapées en OPEX
https://www.caporalstrategique.fr/2024/11/14/suppression-des-majoration-retraite-pour-les-mst-attrapees-en-opex/
https://www.caporalstrategique.fr/2024/11/14/suppression-des-majoration-retraite-pour-les-mst-attrapees-en-opex/
Suppression des majoration retraite pour les MST attrapées en OPEX - Caporal Stratégique
Le statut des militaires, à l'instar des autres fonctionnaires, continue d'être malmenés par les gouvernements successifs. La récente suppression des majorations de retraite pour les militaires ayant contracté des maladies sexuellement transmissibles (MST) au cours d’opérations extérieures (OPEX) n'est que la suite des politiques passées. Jusqu’à présent, les militaires déployés en opération qui contractaient des MST pouvaient bénéficier de bonifications supplémentaires à celle des OPEX pour leurs retraites.
www.caporalstrategique.fr
November 14, 2024 at 7:42 AM
Suppression des majoration retraite pour les MST attrapées en OPEX
https://www.caporalstrategique.fr/2024/11/14/suppression-des-majoration-retraite-pour-les-mst-attrapees-en-opex/
https://www.caporalstrategique.fr/2024/11/14/suppression-des-majoration-retraite-pour-les-mst-attrapees-en-opex/
the new Tiktok owners having to add an exponentially increasing number of banned words every day has gotta be a big hit to opex costs
February 2, 2026 at 5:21 AM
the new Tiktok owners having to add an exponentially increasing number of banned words every day has gotta be a big hit to opex costs
I think the simple truth about the AI bubble is that, in the case of OpenAI Anthropic, both say they “train” models and spend billions on “training“ that will somehow have an endpoint, when in reality, training models is a never-ending opex. On an economic level, inference and training are the same.
February 2, 2026 at 2:15 AM
I think the simple truth about the AI bubble is that, in the case of OpenAI Anthropic, both say they “train” models and spend billions on “training“ that will somehow have an endpoint, when in reality, training models is a never-ending opex. On an economic level, inference and training are the same.
GOLDMAN DESK:
".. Today has an outside shot at winning the crown as highest trading volume session in history of the US stock market on the heels of OPEX and index rebals."
$SPX
".. Today has an outside shot at winning the crown as highest trading volume session in history of the US stock market on the heels of OPEX and index rebals."
$SPX
December 19, 2025 at 3:32 PM
GOLDMAN DESK:
".. Today has an outside shot at winning the crown as highest trading volume session in history of the US stock market on the heels of OPEX and index rebals."
$SPX
".. Today has an outside shot at winning the crown as highest trading volume session in history of the US stock market on the heels of OPEX and index rebals."
$SPX
John is absolutely right here. Electrification (60% of net zero) involves investing more upfront in return for much higher efficiency / lower opex (and lower emissions).
Both sides of that equation will have an impact on growth, and the lower opex side is undeniably good for it…
Both sides of that equation will have an impact on growth, and the lower opex side is undeniably good for it…
Agree on defence, but on energy this argument by @helenmiller.bsky.social is more questionable. 1). Heat pumps use less energy than gas boilers, so this is about relative prices of electricity and gas (in part a result of tax). 2). Insulation reduces energy spending, raising discretionary spending.
June 30, 2025 at 8:37 PM
John is absolutely right here. Electrification (60% of net zero) involves investing more upfront in return for much higher efficiency / lower opex (and lower emissions).
Both sides of that equation will have an impact on growth, and the lower opex side is undeniably good for it…
Both sides of that equation will have an impact on growth, and the lower opex side is undeniably good for it…
Amongst innumerable absurdities, up front it claimed that “876,000 jobs (32% of national employment)” was “underpinned” by Ireland’s 72 data centres.
But at the same time, in the appendix, it acknowledged that their ongoing employment contribution was 9,500 jobs.
enterprise.gov.ie/en/publicati...
But at the same time, in the appendix, it acknowledged that their ongoing employment contribution was 9,500 jobs.
enterprise.gov.ie/en/publicati...
September 24, 2026 at 8:12 AM
Amongst innumerable absurdities, up front it claimed that “876,000 jobs (32% of national employment)” was “underpinned” by Ireland’s 72 data centres.
But at the same time, in the appendix, it acknowledged that their ongoing employment contribution was 9,500 jobs.
enterprise.gov.ie/en/publicati...
But at the same time, in the appendix, it acknowledged that their ongoing employment contribution was 9,500 jobs.
enterprise.gov.ie/en/publicati...
This deal looks exactly like what OpenAI has been doing just at smaller scale. $15bn in via equity, $30bn out via opex, NVDA keeping the ecosystem spinning, it's all here.
November 18, 2025 at 3:06 PM
This deal looks exactly like what OpenAI has been doing just at smaller scale. $15bn in via equity, $30bn out via opex, NVDA keeping the ecosystem spinning, it's all here.